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Westpac appoints Michael Rowland as chief financial officer – NEWS.com.au
Westpac appoints Michael Rowland as chief financial officer
Westpac has ended a near six-month job search to replace its chief financial officer by appointing KPMG partner Michael Rowland to the top role. Mr Rowland will take up the position later this year, closing a recruitment drive sparked by Westpac’s 2019 AUSTRAC scandal that thrust then CFO Peter King to take helm of the country’s second largest bank.
Mr King was elevated to chief executive after Brian Hartzer’s abrupt resignation from the banking group following revelations Westpac had committed 23 million alleged breaches of financial crimes law.
The financial crimes watchdog flagged the anti-money laundering breaches related to transactions linked to child exploitation and human trafficking.
The impact of the scandal prompted Westpac to warn of a $1.4 billion profit hit as a result of the investigation in April.
The case matter is before the Federal Court.
Westpac noted Mr Rowland’s hiring had partly been driven by his expertise in business restructuring and robust knowledge of financial management.
“In particular, Michael’s expertise in business restructuring, delivering sustainable productivity and revenue programs and in disciplined financial management will be an important contributor to making Westpac a simpler and stronger bank,” Mr King said.
Mr Rowland had held previous senior executive positions at rival bank ANZ, including CFO of its institutional and wealth divisions.
He was also the previous CFO of ING Australia from 2002 to 2004.
Gary Thurby will continue as Westpac’s acting CFO until Mr Rowland’s regulatory approval is finalised.
Coronavirus: Asia’s ‘shining star’ suffers biggest ever slump – BBC News
Singapore falls into recession as as the global economy braces for the pandemic downturn.
Image copyrightGetty Images
Singapores economy plunged into recession in the last quarter as an extended lockdown hit businesses and retail spending.
Economic growth in the city state shrank by 41.2% compared to the previous quarter, the country’s biggest contraction on record.
Authorities forecast it will be Singapore’s worst recession since independence from Britain in 1965.
The figures reveal the severity of the virus-driven downturn faced globally.
Official data showed Singapore’s second quarter gross domestic product (GDP) shrank 12.6% on a year-on-year basis.
As one of first countries to release growth data for the period in which many economies were in lockdown, the numbers from Singapore provide a glimpse of how the ongoing pandemic could affect economies around the world.
The worse-than-expected figures followed a first quarter year-on-year GDP fall of 2.2% and quarter-on-quarter drop of 10.6%.
The deepening downturn also indicates that the pandemic may have impacted Singapore’s economy harder than many of its Asian counterparts.
The slump in global trade has hit the country’s export-reliant manufacturers, while the construction industry activity stalled and retailers have seen sales fall at a record pace.
In contrast Japans GDP is seen shrinking by around 20% in the second quarter from the previous three months, while data this week may show that the Chinese economy has now returned to growth.
The data out of Singapore puts more pressure on the country’s ruling Peoples Action Party, which last week saw its weakest general election performance since independence 55 years ago.
The government has already pledged about $67bn (£53bn), or nearly 20% of Singapore’s GDP, in stimulus measures to support struggling businesses and households.
Singapore started to ease its lockdown measures, known as the Circuit Breaker locally, on 1 June.
The city state entered phase two of reopening its economy on 19 June, which allows most shops and restaurants to resume business although social distancing rules remain in place.
New investors could invest $1,000 into these top ASX shares – Motley Fool Australia
Here’s why I think new investors might want to consider investing $1,000 into Afterpay Ltd (ASX:APT) and these ASX shares…
While investing $1,000 into the share market may not seem like it will change your life, it certainly can if you do it frequently on a long-term basis.
For example, if you were to invest $1,000 into ASX shares every three months ($4,000 per year), and continued doing this for 30 years, you could amass a small fortune.
Based on an average total return of 9.2% per annum, these investments would grow to be worth approximately $620,000 after 30 years.
Think you can afford a little more? Invest $2,000 every quarter ($8,000 a year) and at the end of the period you would have just under $1.25 million.
With that in mind, I thought I would pick out three top shares which I think could be great options for that first $1,000 (or $2,000) investment. Here they are:
I think a2 Milk Company would be a great option for that first $1,000 investment. Although the infant formula and fresh milk company has been growing at a very strong rate over the last few years, I believe it still has a long runway for growth. Especially given the increasing demand for its infant formula products in the China market. Another positive is that the company has a sizeable cash balance which could be used to boost its growth through earnings accretive acquisitions.
I think this payments company could be a great long term investment option for that $1,000. I believe Afterpay is well-positioned for strong growth over the next decade thanks to the growing popularity of buy now pay later with consumers and merchants, the accelerating shift to online shopping, and its international expansion opportunity. All in all, I believe Afterpay is on a path to becoming a giant of the payments industry.
A final option for a $1,000 investment is this global biotherapeutics giant. Thanks to CSL’s portfolio of high quality therapies and vaccines and its high level of investment in research and development, I believe CSL is well-positioned to continue growing its earnings at a solid rate for a long time to come. And with the CSL share price down almost 20% from its high, now could be an opportune time to invest.
5 stocks under $5
We hear it over and over from investors, “I wish I had bought Altium or Afterpay when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!” And it’s true.
And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys
. And you can buy them now for less than $5 a share!
See the 5 stocks
*Extreme Opportunities returns as of June 5th 2020
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